Hi all, I currently have one "bad debt" out there that has been in collections for awhile for about $3500. The collection agency is Asset Acceptance and several months ago they offered to settle the debt for a little less than half. Well at the time I couldn't afford to settle but now I can,however, I am not sure of the best way to approach them. Is the best tactic to just call them and offer them a settlement over the phone or is it better just to send them a written proposal and wait for a response? I have heard that Asset Acceptance is notorious for changing conditions and trying to intimidate people. Also, what is the appropriate amount to offer for settlement? 30% 40% 50% 60%?

Thanks!

I would offer 10% less than their original proposed price and see what they say. Don't let them talk you up over what they offered last time.

Once a price is agreed by phone get it in writing, try and get them to fax something so they don't have time to re-think it or call back and re-negotiate. Read the conditions on whatever they send for loopholes. All in all, if your going to pay 40% or whatever as a lump sum they probably would be happy to close the account for that much.